Barrick Mining Corporation (B.US) reported first-quarter results that exceeded market expectations on Monday and announced the launch of a new $3 billion share repurchase program. The world's third-largest gold producer is actively seeking investor support and plans to spin off its North American assets later this year.

The surge in gold prices significantly boosted Barrick's Q1 performance. Data shows the company's Q1 revenue reached $5.22 billion, a 67% year-over-year increase, surpassing market expectations of $4.83 billion. Adjusted net profit surged 173% year-over-year to $1.65 billion, primarily driven by increased gold production, lower costs, and stronger gold prices. Adjusted earnings per share were $0.98, exceeding the market consensus of $0.81.

First-quarter gold production was 719,000 ounces, down from 758,000 ounces in the same period last year but still above the guidance range of 640,000 to 680,000 ounces. The realized gold selling price rose to $4,823 per ounce, up 15% quarter-over-quarter and 66% year-over-year. Copper production was 49,000 tons, higher than the 44,000 tons produced a year earlier. The realized copper selling price was $5.79 per pound, up 7% from the previous quarter and 28% year-over-year.

Looking ahead, Barrick reaffirmed its performance guidance for 2026. The company's 2026 gold production guidance remains at 2.9 to 3.25 million ounces. Second-quarter production is expected to be between 730,000 and 770,000 ounces, with production expected to recover in the third and fourth quarters, in line with typical seasonal industry patterns. Copper production guidance remains unchanged at 190,000 to 220,000 tons. Barrick's full-year performance guidance assumes a gold price of $4,500 per ounce and a copper price of $5.50 per pound.

In addition, Barrick declared a quarterly dividend of $0.175 per share, down from the $0.42 per share announced in the fourth quarter of 2025. Barrick's board also authorized the repurchase of up to $3 billion of its shares at prevailing market prices. Previously, Barrick repurchased $500 million worth of shares in the final three months of 2025, part of Chairman John Thornton's strategic overhaul to prioritize shareholder capital returns.

The company stated in its Monday announcement: "Supported by strong operational execution and robust free cash flow, this repurchase authorization aims to return cash to shareholders. Barrick currently believes its shares represent exceptional investment value, particularly in light of the planned IPO for North American Barrick."

Barrick last month announced plans to advance the listing of its North American gold assets in New York. The company reiterated on Monday its expectation to complete this initial public offering (IPO) by the end of this year. The assets to be spun off will include Barrick's interests in joint ventures with Newmont Corporation (NEM.US) in Nevada and the Dominican Republic, as well as the company's Fourmile project in Nevada.

Reports suggest the valuation of the North American business slated for the spinoff could exceed $60 billion. The business separation would isolate the company's high-quality North American assets from operations in higher-risk regions like Mali and Pakistan.

In Monday's statement, Barrick reiterated that it can proceed unilaterally with this IPO while continuing to collaborate and communicate with Newmont. Media reports in February indicated that Newmont had been insisting on operational reforms before the spinoff is finalized. That same month, Newmont issued a default notice to Barrick, alleging it diverted resources from their Nevada joint venture to advance the Fourmile project.

Barrick has described the Fourmile project as "one of the most significant gold discoveries of the century," citing a preliminary assessment released last September indicating the mine could potentially produce up to 750,000 ounces of gold annually.

At the time of reporting, Barrick's stock was up nearly 4% in pre-market trading.